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(Alliance News) - Plexus Holdings PLC on Wednesday reported a fall in revenue and a pretax loss due to a decline in the energy market and global economy impacted by the Covid-19 pandemic.
The UK-based oil and gas engineering company's pretax loss widened to GBP5.1 million in its financial year ended June 30 from GBP3.7 million the year prior.
Plexus's revenue fell to GBP525,000, which is a decrease of 85% from GBP3.6 million in 2019. The company said that the decrease in continuing sales revenue is a result of customer project timing delays and that the prior year revenue included a significant sale of equipment to its Russian licence partner, Gusar LLC.
Shares in Plexus were down 14% at 20.15 pence in London on Wednesday.
Plexus said it has not paid any dividends in the year and does not propose to pay a final dividend at this time.
Chief Executive Ben van Bilderbeek said: "The Covid-19 pandemic and the consequential decline in the energy market and global economy in general has inevitably impacted on our progress, although I believe that we have weathered the storm well and are now well placed to return to growth as our industry begins to recover."
Looking ahead, Plexus said as the oil and gas market starts to show signs of recovery, and subsequent investment by operators begins to pick up, "we should see sales prospects that are on hold beginning to progress again together with new opportunities arising in oil and gas as well as alternative energy markets, such as geothermal."
The company added it is confident that the signs of a recovery are real, and the substantial progress it has made with licensing will lead to growth and value for its shareholders.
By Zoe Wickens; zoewickens@alliancenews.com
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